PancakeSwap’s CAKE stands out with a 92% gain in the weekly time frame, driven by the launch of new features on its platform.
CAKE, the native token of decentralized exchange PancakeSwap, is making waves in the cryptocurrency world. CAKE’s price has surged 92% in 7 days and is currently trading at $2.38. This surge comes on the heels of the latest innovations on its platform.
PancakeSwap recently launched its position manager tool, a feature that has attracted a lot of attention in the defi space. The tool allows users to easily deposit funds into the vault, which are then automatically allocated to liquidity pools for liquidity mining.
This innovative automation increases capital efficiency and may yield higher returns compared to manual yield farming.
The PancakeSwap team detailed the advantages of the position manager in a blog post. This tool opens the door to more efficient liquidity provision, providing users with a seamless way to increase their returns. This is a prime example of how defi continues to evolve to meet user needs and preferences.
According to CoinGecko, as of this writing, CAKE is trading at $2.38, with a 24-hour trading volume of approximately $523,350,958.34.
Over the past 24 hours, CAKE’s price has increased by 32.43%, reflecting the bullish sentiment surrounding the coin. PancakeSwap’s total market capitalization has reached $553,286,939, solidifying its strong position in the DeFi space.
Other DeFi tokens have also experienced positive price changes. Uniswap (UNI) is up 12.27% this week, indicating that the competitive market is growing.
SushiSwap (SUSHI) has gained 58.12% during this period, indicating strong interest and activity within the SushiSwap ecosystem.
THORChain (RUNE) is a DeFi protocol that has seen its price increase by 34%, solidifying its position in the space. The Graph (GRT) rose 21.62% this week, showing its appeal to defi enthusiasts.
Ethereum holders remain stable
In addition to these major price movements in the Defi space, Ethereum (ETH) holders are also raising eyebrows if Glassnode’s data is anything to go by. The last active ETH supply was 7 to 10 years ago, reaching an all-time high of over 5.3 million ETH.
This shows that despite market volatility, long-term ETH holders are holding on to their positions and choosing not to sell their assets. On the other hand, the number of addresses holding more than 1,000 ETH tokens has dropped to its lowest level in 5 years, with the number of addresses exceeding 6,000.
This data suggests that whales may not be as interested in accumulating large amounts of ETH as they have been over the past five years.